November 27, 2015

FPIs sell for 11 sessions straight

In the longest selling streak by overseas funds in more than six months, foreign portfolio investors (FPIs) have offloaded equities worth $855 million in the last 11 sessions, reports Yoosef KP in Mumbai. Consequently, the Indian currency has been under pressure and slipped to its lowest level in two months — 66.6675 to the dollar — on Thursday before closing at 66.56. The currency has dropped 2% in November, the worst performance in Asia even as foreign holdings of rupee-denominated bonds have fallen by $558 million, the most since May, data compiled by Bloomberg shows.

On Thursday, foreign funds sold stocks worth $60 million in the cash segment on Thursday, provisional data from stock exchanges showed. In the last one month, the Sensex has shed 5.5% by wiping out Rs 2.5 lakh crore of investors wealth, Bloomberg data showed.